Anime Market Poised For Growth Driven By Rising Smartphone Penetration
The Global anime market is estimated to be valued at US$ 37.31 Mn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the anime market are Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, and Rental Solutions & Services, LLC.
The anime market offers significant opportunities through licensing of popular franchises for movies, games, novels and merchandizing. Many studios leverage successful franchises to create new seasons, prequels and spin-offs to keep audiences engaged. Rapid growth of virtual reality and augmented reality technologies is also opening new revenue streams for anime content creators.
Technological advancements such as 4K animation, high frame rates, and volumetric video are helping producers create highly immersive Anime Market Size experiences. This is attracting both existing fans as well as new audiences. Streaming platforms are heavily investing in original anime productions to expand their content libraries.
Market Drivers
The primary driver for the anime market is the rising popularity of streaming platforms across the globe. Popular streaming apps like Crunchyroll, Netflix, Amazon Prime Video have extensive anime libraries attracting millions of subscribers worldwide. The proliferation of affordable smartphones and mobile data has made streaming anime effortless and accessible on the go. This is one of the major factors propelling the anime market growth during the forecast period.
Current Challenges in Anime Market
The anime market faces various challenges in terms of increasing production costs and piracy concerns. Anime production involves high costs related to voice acting, animation, music licensing, etc. This makes it difficult for small studios to generate profits. Moreover, licensing restrictions across regions add to localization and distribution challenges. Piracy through illegal streaming websites and torrents is a major threat. It impacts the revenue of legitimate streaming platforms and producers. Addressing piracy while expanding the audiences internationally is a key challenge.
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